Devcoin (DVC)

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Description

Devcoin was initially created as a means of support for independent open source developers. Since many of them work on the side—and often receive little to no funding for their work—Devcoin was established as a kind of cooperative pool to help them earn a living wage. Devcoin is based on the source code and mining algorithms used by Bitcoin, but the similarities end there. This digital currency is not so much meant to be used for the purchase of goods and services as it is a collective pool from which developers can draw supplemental income for the work they perform. 90% of the currency generated by data block mining goes into this pool. Over time, the Devcoin pool will open up to writers, marketers, musicians, artists and filmmakers, as well. Investors in Devcoins are encouraged to do so in order to support this cause, which will open the door to more open source software, books, music, art and films.

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History

Devcoin was publicly introduced in 2011, and its developers collectively go by the pseudonym “Unthinkbit” on alternative currency forums. The currency's nickname is “The Ethical Currency,” and their mottos are “From the many, one” and “From one, the source.”